Comverse Technology Receives Notice From NASDAQ Due To Delay In Filing Of Form 10-Q
June 16 2006 - 3:05PM
Business Wire
Comverse Technology, Inc. (NASDAQ: CMVT) today announced that due
to the previously disclosed delay in filing its Form 10-Q for the
fiscal quarter ended April 30, 2006, the company received an
additional Staff Determination Letter from The NASDAQ Stock Market
indicating that the delay in the filing of the Form 10-Q could
serve as an additional basis for the delisting of the company's
securities from NASDAQ, under NASDAQ Marketplace Rule 4310(c)(14)
and that the NASDAQ Listing Qualification Panel will consider this
matter in rendering a determination regarding the company's
continued listing. As previously disclosed, on April 20, 2006 the
company announced that, due to the delay in the filing of its
Annual Report on Form 10-K for the fiscal year ended January 31,
2006, it had received a Staff Determination Letter from The NASDAQ
Stock Market indicating that the company's securities were subject
to delisting based upon the delinquent Form 10-K, unless the
company requested a hearing before the NASDAQ Panel. The company
requested a hearing and presented its plan to regain compliance
with NASDAQ's filing requirement at an in-person hearing before the
NASDAQ Panel on May 25, 2006. The NASDAQ Panel has not yet issued a
decision as a result of that hearing. The company intends to submit
to the NASDAQ Panel, within the permissible timeframe, its plan to
file the Form 10-Q for the quarterly period ended April 30, 2006.
However, there can be no assurance that the NASDAQ Panel will grant
the company's request for continued listing on NASDAQ. About
Comverse Technology, Inc. Comverse Technology, Inc. (NASDAQ: CMVT),
through its Comverse, Inc. subsidiary, is the world's leading
provider of software and systems enabling network-based multimedia
enhanced communication and billing services. The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions. Over 450 communication and content
service providers in more than 120 countries use Comverse products
to generate revenues, strengthen customer loyalty and improve
operational efficiency. Other Comverse Technology subsidiaries
include: Verint Systems (NASDAQ: VRNT), a leading provider of
analytic software-based solutions for communications interception,
networked video security and business intelligence; and Ulticom
(NASDAQ: ULCM), a leading provider of service enabling signaling
software for wireline, wireless and Internet communications.
Comverse Technology is an S&P 500 and NASDAQ-100 Index company.
For additional information, visit the Comverse website at
www.comverse.com or the Comverse Technology website at www.cmvt.com
All product and company names mentioned herein may be registered
trademarks or trademarks of Comverse or the respective referenced
company(s). Note: This release contains "forward-looking
statements" under the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. There can be no
assurances that forward-looking statements will be achieved, and
actual results could differ materially from forecasts and
estimates. Important factors that could cause actual results to
differ materially include: the results of the review of the Special
Committee, appointed by the Board of Directors on March 14, 2006,
of matters relating to the company's stock option grants,
including, but not limited to, the accuracy of the stated dates of
option grants and whether all proper corporate procedures were
followed; the impact of any restatement of financial statements of
the company or other actions that may be taken or required as a
result of such reviews; the company's inability to file reports
with the Securities and Exchange Commission; risks associated with
the company's inability to meet NASDAQ requirements for continued
listing, including possible delisting; risks of litigation and of
governmental investigations or proceedings arising out of or
related to the company's stock option grants or any restatement of
the financial statements of the company; risks associated with
integrating the businesses and employees of the GSS division of CSG
Systems, International and Netcentrex S.A.; changes in the demand
for the company's products; changes in capital spending among the
company's current and prospective customers; the risks associated
with the sale of large, complex, high capacity systems and with new
product introductions as well as the uncertainty of customer
acceptance of these new or enhanced products from either the
company or its competition; risks associated with rapidly changing
technology and the ability of the company to introduce new products
on a timely and cost-effective basis; aggressive competition may
force the company to reduce prices; a failure to compensate any
decrease in the sale of the company's traditional products with a
corresponding increase in sales of new products; risks associated
with changes in the competitive or regulatory environment in which
the company operates; risks associated with prosecuting or
defending allegations or claims of infringement of intellectual
property rights; risks associated with significant foreign
operations and international sales and investment activities,
including fluctuations in foreign currency exchange rates, interest
rates, and valuations of public and private equity; the volatility
of macroeconomic and industry conditions and the international
marketplace; risks associated with the company's ability to retain
existing personnel and recruit and retain qualified personnel; and
other risks described in filings with the Securities and Exchange
Commission. These risks and uncertainties, as well as others, are
discussed in greater detail in the filings of the company with the
Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. These documents are available
through the company, or its website, www.cmvt.com, or through the
SEC's Electronic Data Gathering Analysis and Retrieval system
(EDGAR) at www.sec.gov. The company makes no commitment to revise
or update any forward-looking statements in order to reflect events
or circumstances after the date any such statement is made.
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